26 September 2011

my|deposits continues to be the deposit protection scheme of choice for landlords and letting agents.

A record number of new landlords joined the scheme in August 2011. As the only scheme specifically designed to allow landlords to keep hold of the deposit themselves throughout the tenancy, my|deposits now has over 74,000 landlord members. 

my|deposits has also seen a 15 per cent increase in deposit protections in August compared with the same period last year, showing that it is the scheme of choice for many landlords and letting agents.

my|deposits currently protects more than £611 million worth of deposits on behalf of tenants across England and Wales.  Since starting in 2007, my|deposits has protected a total of £1.2 billion worth of deposits.

Eddie Hooker, CEO of my|deposits, commented:

“my|deposits continues to grow as landlords see the benefits of being able to hold onto the deposit money themselves for the duration of the tenancy and deal directly and promptly with the tenant when they move out.

“The increase in rental demand across England and Wales has seen a rise in rents and deposit amounts.  We are the only scheme giving landlords the freedom to hold onto that money whilst complying with the law. 

“More landlords and letting agents are using my|deposits instead of handing the deposit over to a third party for safekeeping. We also find that tenants prefer us too, as their deposit can be returned immediately on the day they move out.

“We currently protect more than £611 million worth of tenant’s money, giving them peace of mind and proving that tenancy deposit protection works.”

For more information about my|deposits, visit www.mydeposits.co.uk or call 0844 980 0290.

-ENDS-

For further information, please contact:

Dane Svenson
Press Officer
my|deposits.co.uk
E: dane.svenson@mydeposits.co.uk
T: 020 7840 8925
M: 07508 031 084

NOTES TO EDITORS:

About mydeposits.co.uk:

Mydeposits is the trading name of Tenancy Deposit Solutions Limited, a company jointly owned by the National Landlords Association and HFIS plc T/A Hamilton Fraser Insurance (the Scheme Administrator) to deliver an insurance-backed tenancy deposit protection scheme under contract from Communities & Local Government. Landlords and letting agents wishing to use this scheme are required to register with the Scheme Administrator. They can find out more and register by visiting www.mydeposits.co.uk. Registered members of the Scheme are able to protect and unprotect deposits at the beginning and end of tenancies. Fees are tax-deductible. In the event of a dispute at the end of the tenancy agreement, both parties are offered access to alternative dispute resolution (ADR). This procedure will be evidence-based, relying on documentation and records.